Hong Kong Consumer Prices Fall 3.1%

Updated June 21, 2002 6:05 a.m. ET

Hong Kong's composite consumer price index fell 3.1% in May from a year ago, as consumer demand remained sluggish amid worsening unemployment, according to data released by the Census and Statistics Department Friday. The results were in line with market expectations of a median 3.0%, according to a survey of eight economists by Dow Jones Newswires. In April CPI fell 3.1% on the year. "Overall consumer prices were still subject to the damping effects of generally subdued import prices and weak demand conditions in the local economy," a government spokesman said in a statement. Concessions on property taxes...